NNPC Spends $4.1bn On CDM Projects
The Nigerian National Petroleum Corporation (NNPC) said it has spent $4.1 billon between 2008 and 2009 and has registered two projects under the Clean Development Mechanism (CDM) programme.
Mrs. Dupe Akindele, the group general manager of the Renewable Energy Division of the Corporation, who represented the GMD of NNPC made the disclosure at the senate Roundtable on Climate Change in Abuja, organised by Senate Committee on Environment and Ecology in conjunction with the International Centre for Energy and Environment Development (ICEED) to help package Nigeria’s final position at the Cop 15 of the United Nations Conference on climate change.
According to Akindele, the gas utilization projects embarked upon by the corporation would gulp a total of $12.1 billion between now and 2013 with the aim of achieving alternative energy development and a low carbon economy.
She noted that gas flare reduction projects have been embarked upon by NNPC together with joint venture partners mainly in the areas of gas to power gas gathering and utilisation as part of the implementation of Federal Government’s domestic policy to encourage, gas utilisation in the country. “NNPC and its joint venture partners are working on plans to make Nigeria a formidable force to reckon with in the carbon trade market by 2010.
The company along with its partnering oil firms have so far registered two projects under the Clean Development Mechanism (CDM) programme and is currently working on seven other projects aimed at utilising Nigeria’s gas resources to improve energy supply”, she said.
According to her, $4.1 billion has been spent by the Corporation between 2008 and 2009 in driving the process, adding that a projection of $12.1 billon budget has been planned up till 2013 which would result in about 75 per cent reduction in gas flaring in the country.
Mr. John Odey, the Minister of Environment, had traced the process leading to the global network on mitigation and adaptation of climate change to the UN Convention Conference in 1992 in Rio de Janeiro which resulted to an agreement in 1997 by the industrialised nations to take legally binding targets on Green House Gas (GHG) emission by 2012 under the Kyoto Protocol.
Odey regretted that the protocol that set a binding emission target for 37 industrialised nations has virtually failed to address the purpose for which it was signed.
“Since the signing of the Protocol by over 184 countries, the green house gas emission situation has taken a turn for the worse as the industrialised nations have not been able to tame their emission levels in the commitment period which will expire in 2012”, he said.
Infrastructure Deficit, Insecurity, Limit Maritime Contribution To GDP – Expert
A Maritime stake holder, and Chairman of Sifax Group, Taiwo Afolabi, has attributed maritime industry’s minimal contribution to Nigeria’s Gross Domestic Product (GDP) to infrastructure deficit, insecurity on the nation’s waterways, low level of technology adoption, and deployment in the sector.
Afolabi made this known at the 5th Taiwo Afolabi Annual Maritime (TAAM) conference organised by the Maritime Forum of the faculty of law, University of Lagos.
Afolabi noted that other hindrances are foreign exchange bottleneck and inconsistent policies.
“These have limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product GDP.
“If well harnessed, the maritime industry has the potential to become a major revenue earner for the country, particularly with the declining oil revenue.
“The lessons of the last few years as a nation should not be lost on us. The non-oil sector is increasingly becoming the mainstay of the country’s economy. We have funded our national budget in the last few years majorly without proceeds from oil but from other sectors.
“The days of our over reliance on oil is behind us now and it’s about time we focused on transitioning from an oil-dependent economy to non-oil reliance.
“The maritime sector, I can say without any fear of contradiction, will play a crucial role in this economic transitioning if more attention is committed to the industry.
“Judging by the potentials of the industry, we are of the opinion and belief that Nigeria’s maritime industry can rank among the best in the world.
“It will only take careful planning, progressive policies, generous funding, enabling environment, friendly economic policies, manpower development and massive infrastructural development”, he noted.
Loans Repayment Default: DMO Exonerates Nigeria
The Debt Management Office (DMO) has refuted the claim by the Socio-Economic Rights and Accountability Project (SERAP) that Nigeria has defaulted in repaying its Chinese loans.
SERAP had in an earlier statement hailed the judgement that ordered the present regime led by President Muhammadu Buhari to account for how it spent $460 million obtained from China to fund the Abuja Closed-Circuit Television project which later was not implemented.
The NGO also quoted a report in its statement saying “Nigeria has failed to repay loans for which penalties stand at N41.31bn”.
But DMO in its refuttal said the statement is ‘false’ as Nigeria has not defaulted in its loan repayment.
It said, “Nigeria is fully committed to housing its debt obligations and has not defaulted on any of its debt service obligations”, DMO said on Monday.
SERAP had sued the Federal Government following a 2019 disclosure by the Minister of Finance, Zainab Ahmed that “Nigeria was servicing the loan”, adding that she had “no explanations on the status of the project”.
She reportedly said, “We are servicing the loan. I have no information on the status of the CCTV project”.
Giving his judgement, Justice Nwite agreed with SERAP that “there is a reasonable cause of action against the government. Accounting for the spending of the $460 million Chinese loan is in the interest of the public. It will be inimical for the court to refuse SERAP’s application for judicial review of the government’s action”.
The presiding justice also said the Minister of Finance is in charge of the finance of the country and “cannot by any stretch of imagination be oblivious of the amount of money paid to the contractors for the Abuja CCTV contract and the money meant for the construction of the headquarters of the Code of Conduct Bureau (CCB)”, SERAP said.
CBN Names Four Firms To Print Cheques
Nigeria’s apex banking institution, Central Bank of Nigeria (CBN), has named four local firms for the printing of cheques, excluding the Nigeria Security Printing and Minting Company (NPSMC) PLC.
The list of the approved firms for the printing of cheques was contained in a circular issued by CBN.
The circular, which was signed by the Director of Banking Services, Sam Okojere, said the approved firms include Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, and Marvelous Mike Press.
“The re-accreditation of Cheques Printers and Cheque Personalisers is in line with the relevant qualification criteria”, CBN stated.
The circular also revealed that seven banks were approved as personalisers of cheques: they are Zenith Bank Plc, Ecobank Plc, First Bank Ltd, Stanbic IBTC Bank Plc, Keystone Bank Ltd, Providus Bank Ltd and Wema Bank Plc.
It further disclosed that all accredited printers and personalisers had been duly notified and certificates issued.
The Nigeria Security Printing and Minting Company Plc is the sole printer of N200, N500, and N1000 new notes.
Nigeria Security Printing and Minting Company Plc and Euphoria Group Limited were accredited and approved on Thursday, 04 December 2014, in a letter REF: BPS/DIR/GEN/CIR/02/033.
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